Major Res line Broken has now become support EUR/USD
We crossed a major resistance that has now become support at the beginning of this year. This Resistance ( Green line) has been in place since 2005.
Dropping down to the daily we have another FLAG pattern coming to the end of it's life Cycle. I think we will see a major correction back down to the 200 EMA on the weekly scale
BUY at 1.2440 - 1.25500
STOPS 1.26100
Profits T! 1.23000 T2 1.22500
We could potentially trade this pattern 2 times before it makes a break down to the Long term support line. So enter at the top Sell at the bottom and re-enter. I'm expecting lots of good news from the US as companies release there quarterly earnings reports. Any more major news in regards to Syria could push the EUR/USD up to 1.27000 area
Good luck
Dropping down to the daily we have another FLAG pattern coming to the end of it's life Cycle. I think we will see a major correction back down to the 200 EMA on the weekly scale
BUY at 1.2440 - 1.25500
STOPS 1.26100
Profits T! 1.23000 T2 1.22500
We could potentially trade this pattern 2 times before it makes a break down to the Long term support line. So enter at the top Sell at the bottom and re-enter. I'm expecting lots of good news from the US as companies release there quarterly earnings reports. Any more major news in regards to Syria could push the EUR/USD up to 1.27000 area
Good luck